- An Ethereum NFT photo of Achi the Shiba Inu who inspired the Dogwifhat Solana meme coin sold for a record $4.3 million after a bidding war between prominent crypto traders.
- The Dogwifhat meme originated in 2018 when Achi’s owners in South Korea photographed him in an endearing hat, which went viral and inspired the creation of the WIF meme coin.
- Unlike previous financial gains from Achi’s viral meme which went to others, the NFT auction proceeds will go to Achi’s owners, finally rewarding the meme’s creators.
An Ethereum NFT photo of the original Dogwifhat meme, which inspired one of the hottest Solana meme coins, was sold for a massive $4.3 million in ETH on Monday, setting a new record for the most expensive meme NFT ever sold. The photo of a Shiba Inu puppy named Achi wearing a knit beanie was purchased by a prominent crypto trader via Foundation after a bidding war. Achi’s South Korean owners will receive the bulk of the proceeds.
Background on Dogwifhat Meme
The Dogwifhat meme originated in November 2018 when Achi’s owners in South Korea photographed him wearing an endearing hat. The viral image inspired the creation of WIF, a Solana meme coin that has skyrocketed in value since launching in December 2021. WIF community members recently raised $690,000 to plaster Achi’s face on a massive LED screen in Las Vegas. However, none of WIF’s success has financially benefited Achi’s family so far.
Bidding War and Record-Breaking Sale
The NFT was put up for auction by Achi’s owners, who will receive the proceeds after Foundation’s 5% cut. The winning bidder, known as GCR, is a prominent crypto trader who entered a bidding war with Memeland, an NFT collective behind 9GAG. Memeland bid up to 1,100 ETH before GCR won with a bid above 1,210 ETH, worth over $4.3 million and setting a new record for a meme NFT sale. The previous record was $4.2 million for the original Doge NFT in June 2021.
Proceeds Going to Dog’s Family
Unlike the gains from WIF, the windfall from the NFT auction will go directly to Achi’s owners, rewarding the creators of the meme. Similarly, the original Doge NFT proceeds went to the meme’s photographer. The NFT auction has remedied the incongruity between the meme’s viral success and lack of benefits for its owners.
Conclusion
The massive bidding war and record sale for the Dogwifhat NFT shows the increasing value of memes and provenance on the blockchain. It also provided a major payday for Achi’s family after previous financial gains from their dog’s viral fame have gone to others.
